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E Mint
E Mint
Overview:
It is not an encryption technique or standard, rather a
digital cash system system which uses certain encryption methods for its process.
It is a patented invention by James J. Turk and Geoffrey
What is emint?
The emint is a computer and a communications system which creates, distributes and verifies the authenticity of ecoins, and which receives information from the storage sites regarding gold held there for storage and specifically identified for use in digital cash system.
Refer Page no. 8 of the pdf file (Emint in Detail) which I mailed.
Advantages:
Eliminates Payment Risks such as:
Problem of float- the amount of time the payee should wait for the
transaction to be processed. The fractional banking process- conventional banking process where the financial institution lends loan out from the deposits received. Fluctuating national currency values due to inflation and exchange rate variations. Anonymity on transactions to both parties with the help of blind signature encryption(the same way as of cash transactions). Use of Asset(gold) as the unit of accounts in place of liability(cash).
Disadvantages:
The value of precious metal(gold) also varies over period-The value of 1kg gold
while depositing and redeeming it later, might be different. Ecoins are not reusable. Huge database of ecoins records.
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